Tag: Greece debt crisis summary

The infamous debt crisis of Greece is years old and dates back to the year 2008 when the world’s worst recession hit the country. Bearing the brunt of stringent austerity measures proposed by its international creditors, the country had been facing tough economic reforms in exchange of heavy bailout packages since 2010. Bleak possibilities of Greece exiting from the Eurozone loomed larger resulting in more tough economic reforms over the period of time. Rising pension cuts, hike in taxes, job cuts, and overgrowing unemployment rate compelled the peace loving and friendly Greeks to take the roads of all major cities leading to massive protests, civil disobedience, violence, and riots.

Demonstrations and violent agitations against the ruling party and the proposed austerity led to early legislative elections in the beginning of year 2015. Anti-austerity party Syriza wins the elections and forms a collision government with Mr. Alexis Tsipras as the head of the newly formed government.

Deliberate attempts to avoid the likelihood of Greece going out of Euro forced the country’s newly elected Prime Minister to accept even tougher economic reforms proposed by the Troika. Anti-austerity party Syriza had to kneel down in front of country’s international creditors causing rift among the party members. The party that had formed government in the early 2015 elections with full majority is divided between the rebels of the left wing and the rest of the party.

Split between his own MPs and rising discrimination among the party members have compelled Mr. Tsipras to decide stepping down, calling for snap elections in attempts of garnering public support for the consented 3 year long bailout program.

Heavy rounds of meetings would take place to decide the fate of Greece’s new governance, and there are high chances that the meetings would end up with the announcement of new election date. Greeks have to return to the polling stations once again to choose their new government. Four months ahead of the year end, Greece finds itself again at the brink of fresh elections. somewhere in the midst of September 2015.

With the opinion poll survey suggesting Syriza again emerging as a single largest party, there are high prospects of Mr. Alexis Tsipras repeating his term. There is also a likelihood of Mr. Tsipras forming a new coalition boycotting the leftist rebels if his party wins the majority.

In the fallout of tough economic reforms and election after election, the Greeks once known for their high quality of life all over the would have to undergo a roller coaster ride once again after the implementation of new bailout program.